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Transnational Flow of Long-term Resources—A Historical Perspective

In: Migration of Financial Resources to Developing Countries

Author

Listed:
  • Dilip K. Das

Abstract

Transnational lending, in the sense of long-term capital movement across national boundaries, is perhaps as old as nation-states themselves. The financial market activities can be traced back to over two millennia before Christ, when Babylonian temples, under the code of Hammurabi, were the places for safe keeping funds for the wealthy people. They lent funds out to merchants who wanted to finance the transportation of merchandise from surplus markets to where there was scarcity. Babylon is considered one of the centres of ancient civilisation, its greatness began with Hammurabi1 and declined with Alexander the Great. Several sections of the code of Hammurabi contain laws relating to personal property, real estate, trade and business relations. When Greece became the centre of civilisation, commerce and finance were also active. From 500 to 300 BC Athens’ market-place or forum became the centre of life, somewhat akin to our shopping centres of today. Merchants solicited ‘joint-stock’ capital for financing their trips to Mediterranean ports, and shared gains on these voyages. As the political and economic power shifted to the Roman Empire, international — or more aptly interregional — trade was brisk, and the legal instruments such as bills of exchange widely used by traders.2 The revival of European financial market activities after the Magna Carta in England (AD 1215) and the Renaissance continued through the period of mercantilism.

Suggested Citation

  • Dilip K. Das, 1986. "Transnational Flow of Long-term Resources—A Historical Perspective," Palgrave Macmillan Books, in: Migration of Financial Resources to Developing Countries, chapter 1, pages 1-21, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18291-6_1
    DOI: 10.1007/978-1-349-18291-6_1
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